This is not a paywall.

Register for free to continue reading.

We made a promise to you that we’ll never erect a paywall and we intend to keep that promise. We also want to continually improve your reading experience and you can help us do that by registering with us. It’s quick, easy and will cost you nothing.

Nearly there! Create a password to finish up registering with us:

Please enter your password or get a login link if you’ve forgotten

Open Sesame! Thanks for registering.

Nigeria to Launch Digital Currency Today to Enhance Pay...

Defend Truth

International Finance

Nigeria to Launch Digital Currency Today to Enhance Payments

Muhammadu Buhari Photographer: Drew Angerer/Getty Images
By Bloomberg
25 Oct 2021 0

Nigerian President Muhammadu Buhari will launch a digital currency today aimed at improving the payments system in the West African nation, according to the central bank.

The eNaira, which took several years to develop, will “make financial transactions easier and seamless for every strata of the society,” the Central Bank of Nigeria said in emailed statement on Saturday. The digital currency will complement the physical naira.The Abuja-based bank in August selected Bitt Inc. as a technical partner to help create the digital currency. It announced plans to introduce the virtual ledger four months after banning cryptocurrency transactions in February, saying they were a threat to the financial system.

Comments - share your knowledge and experience

Please note you must be a Maverick Insider to comment. Sign up here or sign in if you are already an Insider.

Everybody has an opinion but not everyone has the knowledge and the experience to contribute meaningfully to a discussion. That’s what we want from our members. Help us learn with your expertise and insights on articles that we publish. We encourage different, respectful viewpoints to further our understanding of the world. View our comments policy here.

No Comments, yet

Please peer review 3 community comments before your comment can be posted